Brickell Condos

Miami is no stranger to large-scale development. There are plenty of examples already built and under construction, including the Birkell City Centre. However, there’s something even larger looming on the horizon – the Miami Worldcenter. The project recently cleared its second to last challenge before it officially becomes a reality and construction can begin.

The Hurdles

There have been several challenges facing the project since it first entered the consideration phase. Some of those challenges have stemmed from outspoken objection by residents of Miami. However, the city’s commissioners voted unanimously to approve changes to zoning laws in the city, as well as an agreement that lets the Worldcenter project move forward. Critics of the project cite problems like closing streets and allowing LED billboards on media towers. Others cited the economic devastation that would come to businesses located in areas that were open only to foot traffic.

The Project

For those not sure what the Worldcenter actually entails, it’s an exciting prospect – a transformative project, according to the developers. It would encompass 17 acres of Miami real estate, and it would house almost 1,200 condos, as well as a 600,000 square foot convention center, and a hotel with 1,800 guestrooms. There would also be a shopping mall measuring almost 800,000 square feet. Anchors for the mall have already been selected, and include the likes of Macy’s and Bloomingdale’s. In terms of location, the project would run from North Miami Avenue and Northeast Second Avenue to Northeast Sixth Street and 11th Street.

Points in Favor

While there has been vocal dissent concerning the Worldcenter project, there are many points in its favor. One of those would be the enormous revenues such a project would generate for the city. Another benefit would be the revitalization of an area that has long been in decay and decline, as well as the creation of an additional 18,000 jobs for the city’s residents. In addition, the project would also create more than 25 bars and nightclubs in an area where such facilities are largely absent, rundown or going out of business due to lack of patrons.

A Sign of the Times

As mentioned, the Worldcenter project is far from the only large-scale development in Miami. The Brickell City Centre project is another massive undertaking that’s sparked both praise and criticism. There are numerous others as well. All are signs of the changing times – Miami is reinventing itself as an international destination for travelers of all economic classes, from the rich and powerful to family vacationers to those looking for an exciting city to call home.

It’s also in line with the city’s exploding real estate scene. The area recovered quickly from the real estate meltdown and has seen year after year of growth since 2011. It’s quite the boom, as can be seen from the number of condo developments (Sunny Isles Beach alone has seen 15 luxury condo developments (CLICK HERE TO VIEW) kick off in the last decade).

Different areas of the country are famous for being home to certain types of people. Actors and producers live in Hollywood and throughout Los Angeles. Authors and book moguls live in New York. Florida has its own claim to fame – more CEOs live in the southernmost state than any other area of the country. Of course, not all Florida cities have a high concentration of corporate commanders in chief.

Why Come to Florida?

What’s behind the exodus of CEOs to the sunny shores of Florida? It’s more than the beach and the state’s burgeoning economy. It’s also one of the friendliest states in the country to those with CEO-type incomes, thanks to its lack of individual income tax. There are numerous other attractions to Florida, as well. That’s particularly true of South Florida.

SoFla and particularly Miami has one of the fastest growing economies in the country, and both business and residential real estate are booming. A significant influx of foreign investors, foreign condo buyers and new residents from other US states have made South Florida a fast growing market. Some examples of this growth include the recently approved Miami Worldcenter and the SkyRise tower, as well as Brickell City Centre, which is already under construction. New luxury condos in South Beach, Miami, Miami Beach, Sunny Isles and other areas also cater to CEOs’ tastes for fine living. CLICK HERE TO VIEW AVAILABLE PROPERTIES FOR SALE

A Look at the Cities

Several of Florida’s cities made the list of top areas for CEOs, including:
• North Port – Bradenton – Sarasota – The tri-city area boasts a 1.20% concentration of CEOs within its combined borders.
• Sebastian – Vero Beach – Sebastian might not be your first thought when imagining places in Florida where CEOs would call home, but between it and its southern neighbor, Vero Beach, there’s a 1.37% concentration of business movers and shakers.
• Naples – Marco Island – Naples might be more along the lines of what most would expect for a CEO-heavy area. Between Naples and Marco Island, there’s a 1.28% concentration of CEOs.
• Cape Coral – Fort Myers – You’ll find that the Cape Coral and Fort Meyers area boasts a 1.27% concentration of America’s business moguls.
• Fort Lauderdale – Pompano Beach – Deerfield Beach – You’ll find a concentration of 1.20% of CEOs in this area of Florida.
Of course, while Florida might boast the highest concentration of chief executive officers in the country, there are quite a few other areas giving it a run for its money. Other popular areas for CEOs to settle include:
• Bridgeport, Norwalk and Stamford, Connecticut
• Oxnard, Thousand Oaks and Ventura, California
• Barnstable town, Massachusetts
• San Jose, Sunnyvale and Santa Clara, California
• Boulder, Colorado

Still, it’s clear from the list above that Florida remains the leader here, and its business-friendly environment and rapidly growing economy promise to keep it in first place for a long time to come. Not only do these factors encourage CEOs to relocate to the state, but the lack of personal income tax makes it more likely for homegrown CEOs to found and operate thriving businesses.

Cinemex is a celebrated company founded in Mexico. It’s long eyed potential locations in the US, but until now, it has not opened any cinemas north of the border. Today, all that changes as Cinemex and Brickell City Centre jointly announced that the firm would open its first US location in the mixed-use project located right in Miami.

About the Development

The new development will consist of almost 36,000 square feet of dine-in cinema. The property is expected to open in 2016, and Cinemex will partner with Chef Mikel Alonso (the name behind Biko), and Mica Rousseau of Mexico City mixology fame. Within the 36,000 square feet will be 11 viewing rooms and a total of 622 seats. The design and construction work for the project will be handled by Miami’s own Loguer Design.

About Cinemex

Cinemex is the world’s sixth largest cinema chain. The company’s focus here is to “bring the success of Cinemex to downtown Miami,” according to one of the firm’s VPs. Brickell City Centre makes the ideal setting for this type of establishment, and its interesting combination of film and food. Cinemex joins a growing number of businesses that have agreed to anchor the $1.1 billion Brickell City Centre project, including Saks Fifth Avenue.

Far from the Only Project

The Brickell City Centre project might be one of the most visible in the city of Miami, but it’s far from the only one. There are numerous others, including the proposed Worldcenter, which would occupy 17 acres of downtown Miami real estate and create an estimated 18,000 jobs. The development would contain a massive shopping mall, a huge convention center, a hotel with almost 2,000 rooms, and a new luxury condo development in addition to numerous bars, nightclubs, restaurants and more.

What It Means for Investors

Miami’s real estate is red hot at the moment, and most of south Florida is actually in the midst of a real estate boom, unlike many other areas of the country. The addition of Cinemex to the Brickell City Centre is just another feather in Miami’s cap, and another reason that real estate values continue to rise. As the city reinvents itself into one of the world’s top destinations for vacationers and hopeful residents of all types, those values will continue to increase. This benefits areas beyond just Miami downtown area, including South Beach, Bal Harbour, Sunny Isles and many others as well.

It can be difficult to understand the real estate market and the various fluctuations it goes through, even for those who are in the business. One of the interesting trends that realtors have seen in the area of Brickell lately is a sudden growth in demand for properties. While this is certainly welcome news, the desire for properties in the area grew quickly, and with the demand came higher prices for properties. The increased prices and demand are certainly huge changes from the recession that rocked the area a few years ago.

Price Fluctuations

Just a few years ago, no one was looking to buy in the area, simply because no one could afford to buy, thanks to the recession. The entire real estate industry was in a shambles, and it hit Miami and the Brickell area quite hard. Today, investors from the United States and from many other parts of the world are scooping up properties in Brickell almost as fast as they can find them. Naturally, the increase in demand pushes those prices higher and higher. (view all Brickell condos here)

Even though the prices are already as high, or higher, than their pre-recession counterparts were in some instances, many feel that the high prices will not last forever. They will likely hit their peak soon and will not go up from there, simply because the market, even the luxury market, will not bear it. The market is strong right now, and there are a number of foreign cash buyers, which help to keep it strong.

Though the newer units are selling quickly, experts also feel that there is quite a bit to explore and enjoy in the realm of resale units. Condominium owners who already have their unit and who are looking to sell – perhaps to buy a new property – can do quite well right now. Since the demand for units is on the upswing again, and the prices are going up, it means that those sellers who have exceptional units in buildings already up could see a nice advantage.

Buying Now With Resale Properties

One of the problems that some buyers have with buying presale units is the fact that it could take a year or more before they are actually able to move into or rent out their unit in those new construction towers. While the properties are certainly nice, many buyers are impatient. They want to move to the Brickell area right now. They also know that the area is popular, which makes renting fast and easy most of the time. The best way to do that is to start looking into the current properties for sale.

Buyers certainly have a larger number of options when it comes to what they choose to buy in the Brickell area, but they need to realize that right now the buys come at a premium. The prices are high, but they will likely be peaking soon. Now is a good time to look into what Brickell offers in terms of new and resale units. For more information please click here to view all Miami downtown condos for sale.

Recently, a company called Watson Investigations purchased a small restaurant building located at 842 Southeast First Ave for the price of $7 million. Interestingly, the property is near the site of a 34,000 square-foot building that the company also recently bought, although they purchased that building through bankruptcy court in July of last year. The current business occupant of the restaurant they recently bought is Chicken Kitchen, a popular local eatery.

Ambassa Holdings sold the 8,000 square-foot property to Watson for the $7 million price tag, which was far higher than what they paid for it just ten years ago. When Ambassa originally bought the property, they paid $1.9 million for it. This most recent transaction closed on the 30th of April and the county recorded it on May 2. Watson has ties to CMC Group, run by Ugo Colombo. While much of this is speculation right now, many feel that Vladimir Doronin and Ugo will be using the land that they bought to eventually develop and start building another condominium tower.

Can the Area Sustain a New Tower?

One of the questions that some people will ultimately have if they do reveal plans for a new tower is whether the South Florida area can really sustain another one right now. Already, the area is rife with these towers, and more go up each year. One would be forgiven to think that it might be reaching the saturation point. However, it’s important to look beyond that and to look at the actual numbers.

People go gaga over Brickell condos (click here to view all Brickell condos for sale), as well as the other nearby areas that offer close proximity to the beach and everything else that Miami has to offer (click here to view all Miami Beach condos for sale). People are always looking for properties here, and more than just U.S. buyers have an interest. Many foreign buyers, including those from Canada, China, and Russia all love the idea of having a property in the area. Consider also that just because people own a unit at one of the towers, it does not mean they live there year round. Some use the properties as a vacation spot. Others choose to use the property for investment, and they rent it out to vacationers during the peak months.

Given the popularity of the area, it is quite likely that the area will certainly be able to handle more towers. There does not appear to be a slowdown in interest at all. The crash of 2007 still leaves a bad taste in the mouths of many, but times are different today, and people are actively watching for similar situations to arise so they can sound an alert. The chance of the same thing happening again is slim.

If they do go ahead and start planning another tower, you can also be sure that it will not be approved or go under construct for a number of years. There is no reason to start worrying that there are too many towers in South Florida. Instead, embrace it and start looking for your own condo.

Introducing the newest and the hottest pre-construction project SLS Brickell Condo Hotel located in the most desirable Brickell Ave, right next to the new 5 million square foot Brickell CityCentre in Downtown Miami. The new SLS Condo will rise 57 stories and will feature 133 hotel rooms and 450 residences. It will host 5 top restaurants creating fine dining, and chic entertainment in Miami’s most exciting and sophisticated downtown area.

The new SLS Brickell (view site) will offer most extravagant shopping and lifestyle destination, offering its residents ultimate access in an oasis of exclusive privileges. Sophisticated designer interiors, original works of art by contemporary masters, private rooftop pool terraces, celebrity chef restaurants, and limousine service to a chic private beach club are among the many features, amenities, and services designed to indulge the most discriminating clientele.

The building will also offer interiors designed by Yabu Pushelberg and Phillipe Stark. Museum-quality art in all common areas will include works by renowned artists such as Fernando Botero and Matias Duville, among others, and exterior art mural installation by Fabian Burgos.

The 450 luxury condominiums will all feature private elevators, 9 and 10 foot ceilings, 12 foot in the penthouses, custom gourmet kitchens and panoramic skyline overlooking Biscayne Bay and Atlantic Ocean. There will be two assigned self-parking spaces available for most units in secured parking garage and of course complimentary 24-hour valet
parking services.

Among many services offered, you will enjoy the butler Services and “While Your Away” Services. The “smart” app will provide convenient access to concierge services from your tablet or smartphone, while enjoying property-wide Wi-Fi. The round-the-clock multilingual staff will help you in your every day business choires even including translation services. 24-hour valet parking, 24-hour security service, 24-hour in-room dining services are all standard features for you to enjoy private catering for meetings, luncheons, and dinner parties.

The outdoor lounge space with 2 beautifully designed fire pits overlooking breathtaking views of the Bay and the
City skyline will be built for exclusive use of the condominium residents. The two story indoor lounge and recreation area with private wine cellars, Billiards room, and poker table and library will allow you to get maximum enjoyment out of daily routine and the 57th floor roof top will offer private sun decks and spa. An additional rooftop pool and sundeck for building residents, overlooking city skyline with breathtaking views of Biscayne Bay.

Deposit Schedule:

* 10% of Purchase Price at Reservation
* 10% of Purchase Price at Contract, or Balance of 20% after applying Reservation Deposit
* 10% of Purchase Price at Groundbreaking – Estimated March 2015
* 10% of Purchase Price at 9th floor – Estimated at July 2015
* 10% of Purchase Price at Top-off – Estimated March 2016
* 50% of Purchase Price at Closing – Estimated at October 2017

One of the most recognized Miami developers Ugo Colombo together with the Russian billionaire Vladislav Doronin of Capital Group are developing the new, ultra-modern Flatiron on Brickell. The new project will be 65 floors high located at the heart of Downtown Miami on South Miami Avenue and Brickell Plaza.

Ugo Colombo has been developing in Miami for over 20 years. His impressive portfolio includes buildings such as Epic, Santa Maria, Grovenor House.

The new Brickell Flatiron, named after the latest New York’s 5th Ave Flatiron building, is going to be one of tallest residential towers in Miami – 750 feet high, with 65 floors and 552 units offering floor-to-ceiling glass exteriors throughout the units, which will feature 11-foot-deep elliptical balconies. In addition, the building will have a rooftop swimming pool, a gym and spa, plus an outdoor lap pool on the 18th floor.

Units will have an average size of 1,250 square feet. Plans for penthouse units are yet to be announced.

Please contact our office to reserve your unit at the friends-and-family entry-level prices. Reserve your unit now with just 10% down. Deposits are fully refundable prior to contracts being signed (in a few months).

are still very popular and getting more so as time goes on, according to recent reports. A report issued by the Downtown Development Authority revealed that the average sales price for a unit in downtown Miami rose 21.4 percent in the third quarter compared to last year.

The average sale prices for units for the third quarter of 2012, ending on September 30, showed a gain of 11.6 percent over that same period in 2011. In total, new and resale units have shown approximately 25 percent price growth every year since 2009, revealing that the real estate market is continuing to improve and that it is very vibrant at present.

because of its superb location and its climate, has always been an attractive to international buyers. From the south, it’s a major draw for people from Latin America and the Caribbean. It’s also proven attractive to immigrants from all over the world, including destinations as far away as Russia. Foreign investment is listed as one of the reasons that property values have become higher over the years, according to the Miami Downtown Development Authority. In fact, a representative of that authority said that foreign investment is one of the major factors in helping Miami to recover.

is living in the center of the city and has become more attractive to people in recent years. While many consecutive decades of the 20th century saw Americans moving farther and farther away from the center of the cities in which they lived, recent years have seen people demonstrate an increased interest in living close to the city that they call home. It reduces commute time, allows a person easier access to everything that the city has to offer and, of course, it has the additional benefit of revitalizing city cores, which oftentimes suffered as people moved away.

The increased interest in downtown Miami condos for sale is also named by the spokesperson is one of the reasons that property values have been increasing. Condominium properties and rental properties have seen growth, as well. In fact, according to the same report, sales were up 8.8 percent during the first nine months of 2012, demonstrating that the worst part of the real estate crash is apparently behind Florida and that the largest city in the state is rapidly becoming one of the places to be for people from all over the world.

Finding a Property

Living in the downtown area opens up many opportunities for anybody who decides to purchase property there. A good realtor can help find the right location for you. Even though there are some universal benefits to living in the core of a city, there’ll generally be some specific reasons that any individual seeks a property there and a realtor can ensure that those reasons are taken into account and that the properties you look at satisfy them. With the market heating up, there’s never been a better time to contact a realtor and talk to them about your options.

The latest report from Miami Herald (http://www.miamiherald.com/2012/02/08/2631956/construction-spending-finally.html) indicates that the construction spending in South Florida rose for the fourth month in a row in Broward County in November 2011, joining Miami-Dade County as areas with sustained growth in the real estate sector. “We’re seeing a lot of custom-home building,” said Bernie Navarro, head of the Latin Builders Association. “You see it in Key Biscayne and Coral Gables and Pinecrest. Those places had fallen to zero. Now they’re back on.” While construction employment is falling, the losses are more narrow than previously. “It’s going better than I expected six months ago,” said David Denslow, an economist at the University of Florida. “Remember, six months ago we were worried about a double dip. Now all of the evidence is pointing the other way.”

jumped in 2011 as well. Buyers purchased an average of 140 condominium units per month in the Hollywood and Hallandale Beach areas showing an increase in 2011 of nearly 20 units per month from 2010. This is due to the influx of investors chasing discounted condo resales that can be leased out to tenants who are willing to pay higher rents.

Latest report indicate that office vacancy in Miami-Dade County was at 19.1% at the end of 2011, according to data from CBRE Group’s Florida Market Perspective 2011. There was a total of 44.1 million rentable square feet in the county, and 8.4 million vacant. Last year saw net absorption of 64,238, with 359,630 square feet under construction, with the average asking lease rate in the county at $30.32. “The Miami office market has gained strength during 2011 with tenant activity picking up,” said Carter Hopkins, first vice president at CBRE. “The market should continue to strengthen in 2012.”

the pre-construction condo sector is also on the rise. Fueled by steady pre-sales at the nearby Apogee Beach Hollywood condo, Jorge Perez of the Related Group is planning a new 31-story tower with condo and hotel units fronting the Intracoastal Waterway in the Hollywood nad Hallandale Beach coastal market of Southeast Broward County.

Despite the unsold inventory, the Related Group broke ground on the 23-story Apogee Beach condo tower on the sand just north of Hallandale Beach Boulevard in December 2011. As of Jan. 30, 2012, buyers have committed to purchase 41 out of 49 units in Apogee Beach project, according to company marketing material.

The path to development for the proposed Beachwalk tower – a few blocks west of the Apogee Beach project – is shaping up to be a bit more complicated initially. The proposed Beachwalk tower – which would stand 305-feet high with 84 residential units and 432 hotel rooms. Beachwalk is the 22nd project to be proposed east of Interstate 95 in South Florida. If they are all built, the projects would add nearly 4,400 units into a market that had 4,200 developer units unsold at the end of last year.

A Related affiliate bought the Beachwalk development site, home to Manero’s Steakhouse for five decades, for more than $2.9 million from TD Bank in May 2011. The Beachwalk project is slated to cost $60 million to construct and have a market value of $80 million at completion.

Related is also planning to start construction in two weeks on its MyBrickell condominium in Miami. To date, about 80 percent of the 192 units are under contract, with buyers paying a 20 percent deposit, the company said. It would be the first new condominium project to break ground in downtown Miami in several years.

Developers seeking to launch new condo projects are focusing particularly on the high-end market, which continues to dominate because of the ability of its prospective buyer pool to pay cash for units. The 70-unit Bellini Williams Island – a high-end condominium in Aventura’s William Island recently broken ground.

The 3rd largest casino company (Genting Malaysia Berhad) in Asia just purchased 13.9 acres of waterfront land owned by the Miami Herald, for $236 million. The property stretches from Biscayne Boulevard to Biscayne Bay. This landmark deal will reshape the surrounding downtown area, bringing more life and vitality to an already booming portion of the city.

In a public statement, the Herald publisher noted that while their operations have thrived in this area for a number of years, the space was no longer conducive to ongoing operations. The $236 million land/property deal was also in part prompted by The Herald’s need to bolster funds, specifically to address funding needs of the organization’s pension plan, to repay some company debts and to address taxes. The newspaper’s executives have provided additional assurances that this sale will in no way interrupt their normal course of business.

The Genting group estimates the total construction project cost to be between $2-5 billion, which will not only boost the local economy, but will result in the creation of numerous jobs. The current plans for the property include a hotel, retail shopping, high rise Miami residences and a convention center.

“This deal has generated a great deal of excitement within the Miami real estate community, as it is at or near to the highest price paid per acre in Dade history,” said Lana Bell of Sunny Realty. “A deal of this magnitude will create tremendous opportunity for not only local residents and businesses, but for the surrounding property market.”

feel that this deal serves as an endorsement for Miami. Asian developers chose the area not only due to the opportunity and price point, but the potential to draw international and domestic tourists, a strong revenue source for any project of this type.
“Successful real estate transactions such as this merely validate the strength of the South Florida real estate market. While this deal is certainly the largest to come our way in some time, it is surely a sign of what is to follow. South Florida is hungry for Miami luxury residential developments, both for current area renters as well as international visitors,” said Lana Bell, of Sunny Realty.

While the deal has been closed, construction isn’t expected to commence for 2 years, which corresponds to the allotted time frame provided to The Herald for relocation. The newspaper is currently searching for property within the area, although they may divide the printing and publication portions of their organization should the right space not be found to accommodate both.